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Age: 23M
Cash Savings: $7k
Stocks: $1k
401k: $6K
Debt:
$46K Student Loans
$15K Car
FICO: 760
I started my full time career this past summer after graduating college. My goal is to have $12K cash saved by my one year anniversary of starting work. Student loan payments suck!
I got my first real job in september and I started saving around the end of october. I'm in the public sector and I live in one of the most expensive part of the country , so saving has been a huge sacrifice.
24F
Savings:$3,700
TSP:$1,971
Debt:
Student Loan: $6,503.
My goal is to have $8,000 in savings by the end of the year.
@Anonymous wrote:Age -28M
Savings- $125k
Fico - 798
Goal by year end~
Savings - $150k
Fico- 800+
Seriously, though. That's pretty impressive.
@Anonymous wrote:I got my first real job in september and I started saving around the end of october. I'm in the public sector and I live in one of the most expensive part of the country , so saving has been a huge sacrifice.
24F
Savings:$3,700
TSP:$1,971
Debt:
Student Loan: $6,503.
My goal is to have $8,000 in savings by the end of the year.
Best wishes - hope you reach your goal.
Age: 31M
Cash Savings: $4k
Stocks: $0
401k: $0
Debt:
$0
FICO: 760
Don't earn much, don't borrow much. Wish I had more money but I never graduated college. This is the most savings I have had in 6 years. Living hand to mouth but not borrowing what I can't pay back. My car needs about $700 worth of work, then going to invest some of what's left. Very impressed by the young man with six figures.
I am reestablishing credit and savings after some periods of unemployment/underemployment. My ultimate goal is to have mid-to-high 4 figures each in savings accounts and Checking (as a buffer for spending) and PIF credit cards that I would use sparingly. Once that's established I'll work on getting my liquid assets to above 10k and establish a brokerage account and Roth IRA to go with the 401k from work. I'm also increasing the contribution (with no match) to 10% pre-tax to my 401k.
@Anonymous wrote:I am reestablishing credit and savings after some periods of unemployment/underemployment. My ultimate goal is to have mid-to-high 4 figures each in savings accounts and Checking (as a buffer for spending) and PIF credit cards that I would use sparingly. Once that's established I'll work on getting my liquid assets to above 10k and establish a brokerage account and Roth IRA to go with the 401k from work. I'm also increasing the contribution (with no match) to 10% pre-tax to my 401k.
If you don't need that 10% 401K contribution to reduce your taxes, I would put $5500 into a Roth IRA first, then the rest into your 401K. I say that because from what I've seen, most 401K plans with no matching are not worth contributing to (with the exception of dropping down a tax bracket): the investment choices are limited and they usually have high fees.
A Roth is great specially if you think you're on the low side of your lifetime income range. In fact, I would generally suggest opening a Roth immediately to any person just starting out in the work force (which may not be in your case).
+1
I'm 32 and have around $60k in savings with around $70k in investments but only about $25k in 401k. My only debt is a mortgage at 3.5% and a car loan with about a $20k balance at 1.75%. The house has appreciated extremely well, so the plan is to sell as soon as we can avoid capital gains, potentially rent for a while until the housing market cools a little, then use the equity we cash out of the house along with savings to put a huge down payment on the next place and pay it off in less than 10 years so we can spend our forties doing a lot more traveling. We didn't travel when we were younger, so that's become a priority lately and we've been to Central America twice already in 2016!